News Releases
District 15 Approves 2006 Tax Levy
December 13, 2006
Community Consolidated School District 15 Retires Debt; Local Tax Revenue to Decrease 2.8%
The Community Consolidated School District 15 Board of Education, meeting on Dec. 13, approved the 2006 tax levy as presented by Kevin Nohelty, assistant superintendent for business and auxiliary services.
The district expects to receive a 3.9% increase (excluding debt service) in tax revenue. The estimated total property taxes to be levied for 2006 are $95,115,131. The approved levy is inflated to account for any new property the district would be able to capture at a tax rate above the Consumer Price Index (CPI) or 3.4%. Historically, new property assessments average one-half of one percent of the total equalized assessed valuation.
According to Nohelty’s calculations, the school district estimates it will collect $101.9 million, which includes debt service, a decrease of 2.8% in local tax revenue dollars over last year’s final tax extension. More than $12 million dollars in existing debt will be retired, resulting in a decrease in the final tax extension.
The district’s tax extension will be based on the equalized assessed value of the district, new property and final state multiplier, which currently is 2.7320. The projected tax rate for 2006 is $2.68. The levy will produce tax revenues that will be received in the spring and fall of 2007.
Community Consolidated School District 15 is the third largest elementary school district in Illinois, serving nearly 13,000 students in all or part of the communities of Palatine, Rolling Meadows, Inverness, Arlington Heights, Hoffman Estates, Schaumburg and South Barrington.
Jane Addams, Kimball Hill, Lake Louise, Lincoln, Marion Jordan, Pleasant Hill, Stuart R. Paddock, Thomas Jefferson, Elementary schools in the District include Central Road, Frank C. Whiteley School, Gray M. Sanborn, Hunting Ridge, Virginia Lake and Willow Bend. In addition, the District has four junior high schools: Carl Sandburg Junior High, Plum Grove Junior High, Walter R. Sundling Junior High and Winston Campus-Junior High, and an alternative school, John G. Conyers Learning Academy.
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